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Specific Question on Trading Up For a More Expensive Vehicle


hgwells
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TIA for any help you can provide.

Here's my situation...

Up until about a year ago, I had pretty poor credit. I was around 570 according to Privacy Guard. I was able to get financed on a $10000 vehicle by putting $5000 down with a secondary lender. I was also able to get a $5000 secured loan with my bank. I have made all my payments on time for the last year, and I was just approved for a Chevron card. I haven't tried any real CCs yet. Anyway, I was over at a dealership and spoke with someone about trading up. To make a long story short, I was able to get Chrysler Finance to approve me on a $32000 vehicle by trading in and adding another $5000 down.

This is all feasible financially, but I'm wondering if this is the best option credit wise. I do not need another vehicle, but I know that being under Chrysler Financial would be much better than my secondary lender. It would also be helpful having a higher amount financed in the long run. However, is this the best option right now, or can someone suggest a better option to continue to rebuild my credit, taking into account that I do have money, so that is not an issue. I'm just looking for something/anything that I can do to get my score up.

Again, thanks for any advice anyone can provide.

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It sounds like you don't even really want or need a $32,000 vehicle! There are smarter ways to improve credit. Any auto loan reporting is a plus; joint or individual. so you've already got that covered. I'd pull your true FICO's and see what they are. You'd probably at least qualify for unsecured cap 1, household or providian cards.

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Hiya! :):)++

Check out the "obtaining credit card, auto financing" forum... there are great stickies on how to rebuild your credit, who may be likely to approve based on your scores and how long you have been rebuilding etc....

Good luck! :) -Jenn

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